Do you make a real effort to look after your company's finances? Are you genuinely concerned about where the money is going, how much is coming in and how much going out? Is it a worry if funds are slipping through your fingers like a handful of ice on a summer's day? Is it important to you to keep a close eye on budgets and try to maximise what's left over once all expenses have been paid?

Well, yes. Of course it is. Silly question.

So, why is it necessary to take such a cautious and watchful approach to money? In many senses, money is the lifeblood of your business, the fuel that allows the three classical factors of production (land, labour, capital) to function together for the good of the organisation. Successful financial management can lead to a surplus, which in turn promotes growth, expanding one or more of those factors; ploughed-back profits buying more equipment, or hiring more staff, or obtaining a new or expanded location. Failure to manage money effectively will eventually lead to the demise of the business.

But is money the only finite resource which keeps you company moving ahead, the only fuel on which the different aspects of work depend? There is something else which has to be carefully managed to ensure that your business doesn't run short, although it's not always thought of in that way - time.

Both the day-to-day running of your business and larger projects will struggle with a deficit of available time. The former unable to be productive enough to maintain turnover. The latter either stranded with key aspects of the work undone or stunted by an excessively limited schedule. Quite simply, there's no element of any business for which the availability of enough time fails to be an issue.

However, there is one sense in which managing time and managing finance aren't at all the same.

Finance is, to a degree, flexible - it's possible to make more, or to borrow an amount for future gain. Time is what it is, no more no less, and can't be increased, and consequently it's even more essential to make the best possible use of all the time available to your company.

It's this principle - the best possible use - that's at the heart of time management. Rather than controlling a resource as it flows in and out of the company, successful time management asks you to focus on tasks: identifying and prioritising the work that needs doing and how much time it ought to need, and allotting enough time to complete it. It's also important to focus on individuals, on recognising strengths and weaknesses and ensuring that tasks are carried out by those most able to do them efficiently and effectively.

With this information, a clear and achievable schedule leading towards a distinct, comprehensible goal can be constructed - and you can be confident that the schedule will be adhered to, and the goal achieved without exhausting the time available.

On the other hand, failing to manage the time effectively will inhibit opportunities to grow your company; worse yet, that failure has the potential to derail your organisation in its current activities and cause long-term (and possibly fatal) damage. After all, if time is money, so wasted time means wasted money. Time management is an essential skill in any business, large or small - a short training course for yourself or your staff can be a great help in honing this skill - and taking control of your company's time can play a vital role in success today and growth tomorrow. Watching the pennies is always important, of course, but it's always just as critical to keep an eye on the clocks too.